Abstract
The use of financial technologies (Fintech) has increased recently due to their support to financial institutions in managing their financial operations and achieving competitive advantages. Even though there are several benefits with Fintech development and implementation, selecting the most suitable Fintech project can be complex. This is due to the involvement of numerous decision makers, the conflicting nature of multiple evaluation criteria, and fuzzy data derived from imprecise judgments of qualitative performance ratings. Interval-valued based intuitionistic fuzzy numbers are used to deal with the inherent vagueness and imprecision of the evaluation process. An algorithm based on an interval-valued intuitionistic fuzzy weighted geometric (IIFWG) and the concept of ideal solutions is developed. As a result, the most suitable Fintech project alternative can be selected across all evaluation criteria. To demonstrate the effectiveness of the approach, a Fintech project selection problem is presented.
Highlights
financial technologies (Fintech) refers to the new technologies adopted by financial institutions such as banks for delivering financial services to their customers [1]
An algorithm based on an interval-valued intuitionistic fuzzy weighted geometric (IIFWG)
The most suitable Fintech project alternative can be selected across all evaluation criteria
Summary
Fintech refers to the new technologies adopted by financial institutions such as banks for delivering financial services to their customers [1]. Some of the Fintech services include online banking, international money transfers, BPay, financial planning including investment planning loans, personal and home insurance, credit card approval and cheque deposits using smart devices [3,4] All these involve minimal human intervention to offer accessibility and convenience to consumers, cost savings and profit growth for the organizations. A coefficient is introduced for describing the overall performance of all Fintech projects along with the ideal solution concept These approaches are found to be useful for dealing with the project selection problem. We present a fuzzy multicriteria group decision making approach to assess the performance of Fintech projects. This is followed by an example to illustrate the usefulness of the proposed method in order to address the Fintech project evaluation and selection problem
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